"Fortune favors the prepared mind."
Louis Pasteur
years. As securities move beyond rational value, Stedman may sell to free capital for undervalued alternatives. Given
we select issues for purchase at different times -- which are exposed to diverse markets and acquired at various price
discount levels, we build healthy business risk diversification while improving long-term market differentiation.
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Buy long-term value
Stedman focuses on fundamentals. Our investment philosophy -- uncomplicated in conception -- requires discipline, skill and judgement in execution: find, buy and hold long-term value.
Securities are periodically valued irrationally relative to their fundamentals -- either too high or too low. Over time, however, price and value align. Stedman is biased towards long-term price appreciation and seeks to identify good quality businesses selling at material discounts to long-term value.
Stedman manages a limited but diverse portfolio whose constituent holdings we expect to move towards rational valuation over one to three